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Lefroy Exploration Limited (ASX: LEX) (“Lefroy” or “the Company”) is pleased to advise that independent global consultancy, CSA Global, have completed a review of the Mineral Resource estimate (MRE) in accordance with the JORC Code (2012) for its Goodyear Nickel Deposit (Goodyear) in Western Australia.
HIGHLIGHTS
- Total Inferred Mineral Resource at the Goodyear Nickel Deposit confirmed at 392,000 t @ 3.78% Ni, reported and classified in accordance with JORC Code 2012
- Mineral Resource remains open down plunge with drilling planned to infill and extend the current limits of mineralisation
- Lefroy controls 30km of ultramafic basal contact within the Carnilya dome which is lightly explored and considered highly prospective for additional Ni sulphide discoveries
Goodyear now reports as 392,000 tonnes @ 3.78% Ni for 14,780t of contained nickel sulphide at a 1% nickel cut- off grade (Table 1). The review confirms the original Mineral Resource, reported in 2008 by Australian Mines Limited, in accordance with the JORC Code 2004 Edition.
LEFROY MANAGING DIRECTOR WADE JOHNSON COMMENTED:
“The seamless conversion of the Goodyear Nickel Deposit to JORC Code 2012 standards is an exciting development for Lefroy and our nickel-focused subsidiary, Hampton Metals Ltd.
The Goodyear Mineral Resource presents a unique opportunity, being on freehold title with a 15-year ownership history of gold majors and adjoining our commanding Lefroy Gold Project.
We now hold 30km of strike length of a key ultramafic unit, considered to be one of the most prospective geological settings for nickel sulphide discoveries, within what is one of the few unexplored parcels of land remaining in the Kalgoorlie-Kambalda region.
“With Hampton’s aim to be a key player in what is shaping up to be a new era of nickel exploration and production in the Kambalda district, we couldn’t be off to a better start.”
Figure 1 Overview of the commanding Lefroy Gold Project showing its proximity to Kalgoorlie and Kambalda and the region’s gold and nickel occurrences against a backdrop of the regional geology
Goodyear lies the western boundary of Location 45 (Figure 1) which is a mineral freehold title situated within LEX’s 635km2 greater Lefroy Gold Project (LGP). The LGP is strategically positioned in the well-endowed Kalgoorlie Terrane, surrounded by the infrastructure of multiple other operating gold and nickel mines within the prolific Kalgoorlie-Kambalda mining district (Figure 1).
Goodyear is held by the Company’s wholly owned nickel focused subsidiary Hampton Metals Ltd (Hampton or HMT), led by Managing Director Graeme Gribbin. Graeme is a highly credentialed geologist with over 25 years’ experience in the resources sector with global expertise in nickel and base metals, including 8 years’ as General Exploration at Western Areas Limited (recently acquired by IGO Limited) and 6 years’ base metals experience at Vale as Exploration Manager. Graeme is supported by a proficient team of geologists and field staff with a proven track record for exploration success, including recently appointed, Jon Mcloughlin as Exploration Manager.
The Company acquired Goodyear in May 2023 through a Mineral Rights Agreement for Location 45 between title holder Franco Nevada Pty Ltd (Franco) and Lefroy’s wholly owned subsidiaries (refer to ASX release 23 May 2023). In this agreement HMT acquired all nickel, REE and lithium rights (including Goodyear) from Franco for an initial 21- year term in exchange for a minimum annual exploration expenditure of $100,000 and 4% royalty upon production.
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This article includes content from Lefroy Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High grade Massive Sulphide Intercepts Confirmed at Oval
HIGHLIGHTS:
- OVD027 confirms the continution of high grade massive sulphide from OVD0211 with an intercept of 6.1 metres of 4.16% Cu, 3.51% Ni, 0.G3g/t E3, and 0.13% Co from G8.2 metres encountered between broader high grade zones of:
- A dense disseminated intercept - 26.2 metres of 0.44% Cu, 0.52% Ni, 0.12g/t E3, and 0.03% Co from 72.0 metres and
- A net textured intercept - 15.3 metres of 1.15% Cu, 0.79% Ni, 0.35g/t E3, and 0.04% Co from 104.3 metres;
- A high grade broad intersection is confirmed at the central part of the Oval area by OVD026. It includes a massive sulphide intercept in hole OVD026 of 1.8 metres of 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co from 105.0 metres within broader mineralisation of:
- 19.8 metres of 1.23% Cu, 0.98% Ni, 0.36g/t E3, and 0.05% Co from 91.2 metres.
OVD026 is located 100 metres northwest of the previously announced 8.8 metres of massive sulphide identified in drillhole OVD021.
On completion of the Phase 2 exploration work and receipt of all assays, Managing Director Gan-Ochir Zunduisuren, commented:“The 2024 Phase 1 and 2 drilling and exploration programs have confirmed the broad presence of high-grade mineralisation in the Oval gabbroic intrusion. The grades intercepted in some of the drillholes are exceptional and may be indicative of broader potential over a larger area, given Oval is a greenfields discovery.
The 2025 exploration program will focus on obtaining information on the size/metal content potential of the Oval Cu-Ni-PGE mineral system as well as targeting the possible deeper magmatic sources at Oval. Broader exploration is also planned at potential extensions of Oval and nearby look-a-like prospects. We look forward to updating shareholders on progress, with drilling expected to commence in around 8 weeks”.
Summary of Phase 2 exploration drilling at Oval Cu-Ni-PGE project
The Company’s recent drilling work has predominantly focused on finding high-grade mineralisation in the olivine-amphibole gabbro at the Oval project. The multiple intercepts of massive sulphide mineralisation with different ratios of metal contents throughout the Oval gabbroic intrusion is highly encouraging for the presence of one or more deeper sources of high grade mineralisation in the opinion of ABM.
Figure 1. Plan view of drillhole locations on high resolution magnetics map (RTP)
Drillhole OVD02c
Drillhole OVD026 was designed to test the Down-Hole Electromagnetic (DHEM) conductor plate identified as OVD007_L2_B (reinterpretation of OVD007_L2_A2 by Southern Geoscience Consultants), which exhibits a conductance of 1,000 siemens. The drilling intersected a total of 1G.8 metres of mineralisation with 1.23% Cu, 0.G8% Ni, 0.36g/t E3, and 0.05% Co from G1.2 metres including;
- 4.8 metres of @ 0.45% Cu, 0.43% of Ni, 0.14g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 91.2 metres,
- 6.6 metres of @ 1.56% Cu, 0.G0% Ni, 0.50g/t E3, and 0.04% Co of net textured mineralisation from G6.0 metres,
- 2.4 metres of @ 1.52% Cu, 1.3G% Ni, 0.43g/t E3, and 0.07% Co of semi massive sulphide mineralisation from 102.6 metres,
- 1.8 metres of @ 3.21% Cu, 3.32% Ni, 0.6Gg/t E3, and 0.14% Co of massive sulphide mineralisation from 105.0 metres, and
- 4.2 metres of @ 0.57% Cu, 0.45% of Ni, 0.21g/t E3, and 0.02% Co of dense disseminated mineralised gabbro from 106.9 metres (Table 1 provides a detailed breakdown of mineralisation intervals).
OVD026 is located in the Oval area, which is approximately 100 metres northwest of the previous intersection identified in drillhole OVD0213. This intercept may represent an extension of the known massive sulphide mineralisation in the Oval area and highlights the potential for further expansion of massive sulphide zones within the broader prospect area (Figures 1 and 3).
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This article includes content from Asian Battery Metals PLC, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
